Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 4 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 02 Aug 2017 My Price 6.00

Vice President of Finance

he company's Vice President of Finance, Alexis Brooks, is considering using part of the payroll remittances held in trust to cover unexpected operating costs. She has been advised that outstanding Accounts Receivables should cover the short term deficit within the next 60 days.

As the Payroll Manager, she has asked you to research the consequences of both "late payment" and "failure to file" for the following provincial remittances:

  • Québec remittances (Québec Pension Plan contributions, Québec Parental Insurance Plan premiums, Québec provincial income tax, health services fund contributions and Commission de la santé et de la sécurité du travail premiums).
  • Provincial medical premiums and taxes for British Columbia, Ontario and Newfoundland and Labrador

The balance in the Québec statutory remittances account plus the provincial medical premiums and taxes would be sufficient to cover the company's operating costs shortfall, so focus on the penalties for those remittances. Consider the fines, penalties and interest charges set out by the above jurisdictions. You currently remit your Québec deductions twice a month and have an average monthly remittance of between $15,000.00 and $50,000.00. Your annual Ontario payroll is greater than $600,000.00 and your total annual Newfoundland and Labrador remuneration is over $1,200,000.00.

Based on your research, prepare a memo, providing Ms. Brooks with your recommendation(s) and the rationale supporting it so that she can make an informed decision.

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Aug 2017 03:08 PM My Price 6.00

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